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Sony Corporation announced early today that it would slash jobs, slow planned investments, and close several plants. The Japanese electronics firm will eliminate 8,000 employees from its now 160,000 employee payroll, shut down about 10% of the firm's 57 plants, and delay or limit spending on LCD televisions, semiconductors, and image sensors. Sony is citing the global economic crisis, as well as the strength of the Japanese yen (which makes Japanese exports more expensive to consumers elsewhere) as reasons for implementing the cost-cutting initiatives. The company hopes to save about $1.1 billion annually as a result.